Publications

Greener on the other side?

Mapping China’s overseas co-financing and financial innovation
China
Climate Finance
LLMs
Social Network Analysis
ODI Global
This paper examines whether China’s overseas lending has truly gone green and maps the networks of…
Apr 9, 2025
Yunnan Chen, Teal Emery

Solar Can’t Scale in the Dark

Why lessons about subsidies and transparency from IFC’s Scaling Solar Zambia can reignite progress toward deploying clean energy
Climate Finance
Blended Finance
World Bank
IFC
Zambia
Sub-Saharan Africa
Renewables Finance
Sustainability
This paper argues that IFC’s Scaling Solar program is an ambitious and thoughtfully designed…
May 8, 2023
Teal Emery

TEAL EMERY: A chance to reshuffle the stacked decks of net zero measurements

Current rules greenwash rich countries’ climate record, and SA can do something about it.
Sovereign Debt
ESG
Business Day
South Africa
Climate Finance
Sustainability
I wrote an Op-Ed in South Africa’s premier financial newspaper. The article targets South African…
Jun 30, 2022
Teal Emery

Another Way of Looking at a Country’s Carbon Footprint: A Tale of Switzerland and South Africa

Sovereign Debt
ESG
Climate Finance
Emso Asset Management
Sustainability
How should sovereign debt investors think about ‘Paris Alignment’? Shikeb Farooqui, Joe…
May 27, 2022
Joe Leadbetter, Shikeb Farooqui, Teal Emery

Analysis of Pacific National Funds Investment Strategies and Results: Regional Comparative Study

World Bank
Investments
Sovereign Wealth Funds
Investment Analysis
Small Island States
Pacific Island nations are on the frontlines of climate change. On behalf of regional Finance and…
Nov 8, 2021
Ekaterina Gratcheva, Teal Emery

Progress Towards a Sovereign ESG 2.0 Framework - An Update

Emso Asset Management
ESG
Sovereign Debt
Sustainability
Teal Insights
Investments
This past summer, I launched Teal Insights, a research consulting firm focusing on uncovering…
Oct 31, 2021
Jens Nystedt, Joe Leadbetter, Shikeb Farooqui, Oliver Faltin-Trager, Mark Quandt, Teal Emery

A New Dawn

Rethinking Sovereign ESG
Sovereign Debt
ESG
World Bank
J.P. Morgan
Sustainability
How can we fix the structural problems of Sovereign ESG investing, and better align it with the…
Jun 7, 2021
Ekaterina Gratcheva, Bryan Gurhy, Teal Emery, Dieter Wang, Luis Oganes, Jarrad Linzie, Lydia Harvey, Katherine Marney, Jessica Murray, Rupert Rink

Paving the Path

Lessons from Chile’s Experiences as a Sovereign Issuer for Sustainable Finance Action
Sovereign Debt
ESG
World Bank
Sustainability
Chile
Latin America
Green Bonds
As part of a team including former Chilean Finance Minister, Felipe Larrain, we distilled lessons…
May 24, 2021
Sebastien Boitreaud, Teal Emery, Luis Gonzales, Bryan Gurhy, Felipe Larrain, Cindy Paladines

Demystifying Sovereign ESG

Sovereign Debt
ESG
World Bank
Sustainability
As ESG investing has progressed from its origins in equity markets to sovereign fixed income…
May 20, 2021
Ekaterina Gratcheva, Teal Emery, Dieter Wang

ESG and Sovereign Fixed Income Investing: A Better Way

Sovereign Debt
ESG
Morgan Stanley Investment Management
Sustainability
I created Morgan Stanley Investment Management’s first Sovereign ESG framework. This paper…
Oct 1, 2019
Jim Caron, Teal Emery

ESG: The Impact of Governance on Emerging Market External Debt Returns

Sovereign Debt
ESG
Morgan Stanley Investment Management
Governance
In this paper, I shed light on ESG investing by focusing on governance and examining its…
Nov 1, 2018
Eric Baurmeister, Teal Emery

Opportunities for Outperformance in Frontier Fixed Income Markets

Sovereign Debt
Frontier Markets
Morgan Stanley Investment Management
In this paper, I take a systematic look at frontier markets, their role in emerging market (EM)…
Dec 1, 2016
Teal Emery

Are Emerging Market Foreign Currencies Finally Attractive?

FX
Emerging Markets
Sovereign Debt
Morgan Stanley Investment Management
This paper, from 2015, examines the attractiveness of emerging market currency (EMFX) valuations…
Nov 1, 2015
Teal Emery, Jens Nystedt
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